More home owners plan to improve their property than move this year, a new study has revealed.
According to Clydesdale and Yorkshire Banks, 14% of UK homeowners have decided the time is right to move while one in five are focused on improving their current home.
Londoners remain the most focused on selling their home with 10% planning to relocate, 9% hoping to downsize and 7% aiming to take the next step up the property ladder. In contrast only 5% of homeowners in Yorkshire are hoping to pick up the keys to a new property in 2016.
The research also found that home improvements are high on the agenda for one in five homeowners who would prefer to invest in their current home than to sell and move to a new property.
Although those in Yorkshire are the least likely to move they will be carrying out the highest level of home improvements, with one in four focused on upgrading their property. In contrast, only 15% of those surveyed in the East of England are planning to make changes to their house in 2016.
The banks also revealed that the average loan size for home improvements in 2015 was £7,979, with customers opting for a wide range of refurbishments from new kitchens and bathrooms through to changing the layout of their home to suit their needs.
Steve Fletcher, head of customer banking networks at Clydesdale and Yorkshire Banks, said: “This time of year is traditionally synonymous with spring cleaning and DIY and many homeowners also find it is a popular time of year to make decisions about whether to move or improve.
“At Clydesdale and Yorkshire Banks we understand the challenges that homeowners face and can provide help and support whether it is a personal loan to help make planned home improvements or a mortgage to buy a larger home. We now offer 95% LTV mortgages to existing homeowners looking to take the next step up the property ladder and make that dream home a reality.”
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